Big first home purchase pending. Major jitters. Help!? �� Real Estate |
- Big first home purchase pending. Major jitters. Help!? ��
- Selling inherited property 'as is' - sellers disclosure still needed?
- Getting real estate license for flipping.
- Removing an escrow from a mortgage.
- Knock.com equivalent for NY/NJ/PA tri-state area?
- Recommended lease provisions for section 8 / housing voucher tenants?
- Deciding between traditional sale and OfferPad
- Is this normal? Seller charging themselves for repairs
- Buying land with other party
- Entry-Level Real Estate positions?
- Very low appraisal on new build, thinking of backing out.
- Reliability/Reputation of Butler Buildings (Canadian Winters?)
- My Loan Officer Gave Seller's Agent My Information
- Question: is it normal for a realtor to continue show a house after a deal has been signed and 1/2 the deposit paid?
- Building a House - Buyer Offering to Buy Old House?
- Home inspection results; let me know thoughts/suggestions!
- Where to invest?
- refinancing rentals - LTV, questions, low FICO
- How to calculate square footage?
- FLAT Fee MLS Service(North Carolina)
- Buyer beware? Looking for advice on realtors
- Private mortgage - Lender says she wants me to pay fees.
- Apartment complex being built next door, how worried should I be?
- REO As-Is sale - Renegotiation
- new to real estate - who should I hang my hat with in DFW, TX?
| Big first home purchase pending. Major jitters. Help!? �� Posted: 31 Oct 2019 01:19 AM PDT Wife and I found a house we LOVE in a good area of Los Angeles. Just freaking out a bit about the huge numbers we're staring at, especially as neither of us have owned before. 3 bed, 3 bath (inc. ADU) 1,850 sq ft. $755K. (FWIW, this is almost MEDIAN home price in LA). Current APR is 3.75% (up front 3.5 when we first found the home 😤). Not our FIRST choice neighborhood, but safe & trending upwards in prominence. Our combined yearly salaries are ~$215K (pre-tax). We have $85K down payment + closing costs, w/ alsonat least 6 months emergency fund remaining. ADU is a licensed single bedroom with separate entrance (+ separate mailing address) and has its own bathroom, kitchenette). Rentals airbnb ~$50/night or ~$800/month. We are confident we'll continue to earn more money each year and rent out the ADU when possible but we are also worried about being house poor!!!! 2 days until end of inspection contingency Any advice is much appreciated. There are many smarter minds than mine on here 🙃 [link] [comments]  |
| Selling inherited property 'as is' - sellers disclosure still needed? Posted: 30 Oct 2019 07:36 PM PDT Question is related to selling property in Pennsylvania. My mother-in-law passed away this year. Her home is paid off, and she kept up with basic repairs as far as I know. My husband and his brother have not lived in the home in close to 20 years, so they have no idea what kind of repairs have been made or what issues may be lurking, so we plan to sell the property as is. In this scenario, do we still need a Sellers Disclosure? I have no idea what they would answer for most things, other than "?????" [link] [comments]  |
| Getting real estate license for flipping. Posted: 30 Oct 2019 01:56 PM PDT Is there any benefit to having a real estate license if I want to get into real estate investing and flipping homes? [link] [comments]  |
| Removing an escrow from a mortgage. Posted: 30 Oct 2019 05:34 PM PDT Hi everyone, I purchased a condo in NJ for 125k back in 2017. I put $50k down and made timely payments until January 2019 when my payment tripled due to an escrow shortage resulting from a mistake at my closing. I've been able to finally catch-up on payments but would like to remove the escrow account all together and pay taxes directly to the city and also drastically lower my payment again. Has anyone had experience with removing an escrow account from an existing mortgage and have tips to share. Thank you. [link] [comments]  |
| Knock.com equivalent for NY/NJ/PA tri-state area? Posted: 30 Oct 2019 07:22 PM PDT Selling my house and wondering if there was a service similar to knock.com? I know that service only operates in certain cities. Is there an unconventional way to sell a house in the NY/NJ/PA area? [link] [comments]  |
| Recommended lease provisions for section 8 / housing voucher tenants? Posted: 30 Oct 2019 05:22 AM PDT Hi friends, I inherited a section 8 tenant in a recent house purchase, and we need to come up with a lease. Should we include any special provisions to address our acceptance of housing vouchers, or would you recommend we just use standard lease language? Thanks! [link] [comments]  |
| Deciding between traditional sale and OfferPad Posted: 30 Oct 2019 03:46 PM PDT I am looking at selling my home in the Atlanta metro area. I have been talking to a realtor my father used in the past and trusts a lot, but I also had an offer from one of those companies that buy jokes fast (OfferPad in this case). OfferPad is offering about 3% more pre-inspection, with the option to back out with no penalties and they pay all but $300 of the closing costs. I'm really new and this is the first house I'm selling. I've read around both here and other boards on Reddit, and found mixed opinions of companies like OfferPad. My question is, why benefits over a traditional sale through an agent are there and what concerns should I have about them? [link] [comments]  |
| Is this normal? Seller charging themselves for repairs Posted: 30 Oct 2019 10:19 AM PDT Hi there, I have been in the middle of purchasing a condo. I recently requested a few repairs be done post-inspection and just received the invoices for these fixes. I noticed that the seller of the home charged their own personal small business over $3,000 for the repairs needed. I'm sure these numbers are fluffed, as they probably don't know that I am aware that the company in question is their own (looked it up). Is this normal practice? Is that a conflict of interest? Just curious. Thanks. [link] [comments]  |
| Posted: 30 Oct 2019 06:13 PM PDT How would we go about it say we wanted to go in on 40 acres and then possibly split up later down the road? Keep in mind both parties eventually want to build on it. We mainly don't want one person burdened with the loans and where we both would be liable for loan payments. Maybe I am far reaching about this, but maybe someone out there has some insight? Or best to keep separate? We are just looking at costs, and cost wise it would be cheaper if both parties would be able to help with the financial burden on prime land. [link] [comments]  |
| Entry-Level Real Estate positions? Posted: 30 Oct 2019 02:06 PM PDT Recent college grad, looking to get into real estate, but not immediately as a realtor or investing per se. I am very interested in the field, but I feel it is important to take on a role where I can learn a lot while making some money. I have had a sales roles before, so I am not afraid to cold call or door knock. What kind of roles would you all suggest I look for on job sites? Or should I find individual realtors websites to contact? I have plenty of questions, but just any input is greatly appreciated! [link] [comments]  |
| Very low appraisal on new build, thinking of backing out. Posted: 30 Oct 2019 07:44 AM PDT My wife and I are buying our first house together, that we plan on living in for many years. We are 2 weeks from close and just had the appraisal back and it came back $60k lower than the sales price ($700k). For context the house is being built by a local builder, but they have a bunch of communities in the area. We did go for a good amount of "upgrades" that I understand don't translate in appraisal, such as finished basement etc but a $60k difference seems absurd. They have 2 model homes in the area that have come down in price 50k in the last couple of months that have more options than our home, so we are trying to re-negotiate on the sales price. I'm looking for some more perspectives on the situation because I really like the house but I feel like these guys might be taking us for a ride. Thanks. [link] [comments]  |
| Reliability/Reputation of Butler Buildings (Canadian Winters?) Posted: 30 Oct 2019 06:35 PM PDT Good evening.. My partner and I are looking into investing in some business real estate, and have a line on a building that's a prefab design through Butler Buildings, at a cost of around 2.3m We've had a roofing inspector have a look into the structure and he was hesitant to recommend them, especially in the harsh eastern winters - the roofs have a very slight incline, and as such, apparently the galvanized steel panels are prone to pooling water, that erodes over time, and then needs replacement (we've been quoted around $25/sq ft., bringing our estimate to around 250k) I've been digging into some reviews on the buildings and their reputation, but there seems to be very little information on both the roofs in our climate as well as any sort of information at all on their reliability.. Hoping someone can either shed some light on these structures and/or point me in a different direction. Ty [link] [comments]  |
| My Loan Officer Gave Seller's Agent My Information Posted: 30 Oct 2019 03:32 PM PDT I don't know the entire story yet, but my realtor found out that the seller's agent on a house I'm purchasing contacted my loan officer who then provided her with some "personal details" about me and my application. She was apparently calling him so much he "thought" she was my agent and didn't even bother to check (my agent is a guy, and the loan officer even referred him to me). Not sure if it was an accident or if it was just negligence. My loan officer has not even let me know this happened. How could this affect closing on the house (we close in 2 weeks, pretty deep into the process), how big of a deal is this, and do I have any recourse if they gave my info out and shouldn't have? I'm just not sure what she would have been asking for, but I feel like it's probably confidential between my loan team, realtor, and myself. Thanks! [link] [comments]  |
| Posted: 30 Oct 2019 05:04 PM PDT I'm in Vancouver, Canada and my elderly step mother is selling the house to pay off huge debts we just found out about. The buyer has until mid November to get financing from the bank, but the buyer is also a real estate broker herself, who met a 30k raise on her offer with no argument. There is nothing I see that impedes her closing on this house. This has been a hellish process and without going into trying to retroactively fix a terrible series of decisions, I would like to know esp from any Canadian realtors: is this normal? Thank you. [link] [comments]  |
| Building a House - Buyer Offering to Buy Old House? Posted: 30 Oct 2019 04:36 PM PDT Two months ago, my parents put their house on the market and started to work with a builder on a townhouse. It was a situation where they put $5k down as a non-refundable deposit and worked with the builder to customize their unit. The realtor claimed their old house would sell fast, but that isn't happening (originally listed for $350k, price drop last week to $315k). The house isn't moving and (being in MN), probably won't until spring. They were supposed to close on the new home last week, but couldn't secure new financing since their old house wouldn't sell. We are in a situation where my parents are going to be walking away from this house. I have a couple of questions the sub might be able to answer.
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| Home inspection results; let me know thoughts/suggestions! Posted: 30 Oct 2019 02:22 PM PDT My partner and I are under contract for our first home purchase :) We just had an inspector come out and look at the house, he spent a solid 4 hours looking at everything. At the end of the inspection, he thought it was a great little house and didn't have any issues that should send us running. In fact, he didn't think any issue was so urgent that it needed to be fixed immediately. However, of course there were some issues (not many!) that he noted. Since this is our first purchase, I would appreciate any and all thoughts on this list. I am only including the problems he noted: Water heater age 2004 - will need to be replaced soon Stove hood does not vent to outside Foundation issues - extensive repairs to brick facade noted, found two cracks on inside of foundation after going in the crawl space. Apparently some repair work had been attempted because there was an extra beam put in, but header hangers were used (wrong hardware) and it didn't actually connect to any floor joists. Also, a hole had been cut in the main load bearing joist for the house that may or may not be allowed. *We are having a structural engineer come out and take a look. The sellers said they already had one come out and look and they were told that it was cosmetic only, but obviously it's in our best interest to have this looked at again. More issues due to foundation - hump in floor, cracks at corners of doorways & closets, crack in drywall of one bathroom, gaps between frame of exterior doors and jambs No GFCI outlets in kitchen or laundry Thicker 6 mil vapor barrier needs to be installed No circuit breaker panel, only fuse box but in great condition Some moisture & rot in header plate but it has been pouring rain the past few days and he said it was dry as a bone there now (they had repaired a gap) so not worried about continuing damage Metal railings on front steps and back stone/brick patio have been replaced and are extremely loose and only screwed in using cement screws; balusters also aren't to code because he was able to stick his fist through the spacing between them [link] [comments]  |
| Posted: 30 Oct 2019 07:55 PM PDT Looking for input on how best to move forward. We live in Southern CA where everything is expensive. Our condo is currently in escrow and we live in a house rental. When the condo sells we will have about $80k Is it better to buy and live in a entry level little home with a 15% down (hold for a few years then move up or keep as rental) or continue renting and invest that money in rentals in a lower cost area? My wife's family live in Pittsburgh, PA so it would probably be there. Can buy a few units with $80k down. Possibly cash flow $1k+ a month. Thoughts? [link] [comments]  |
| refinancing rentals - LTV, questions, low FICO Posted: 30 Oct 2019 12:57 PM PDT We own two rentals that are just starting make a little profit. Both residential mortgage loans through our credit union and the worlds worst lender (OCWEN) 3rd house is a little place we fixed up for ourselves - we owe $55K We owe about $105K on each rental - $210 total. I believe they would appraise for $350K total. 80% LTV would be $280- enough left over to pay off the current residence. In the end the mortgage payment on the rentals would be less than i am currently paying with a lot of deductible interest and eliminate the payment on our current home. Next problem is credit and what kind of lender does this sort of loan? My credit score took a beating in 2018 Renovating the second rental. Score dropped to 580 but income is good, bills are getting paid and it's climbing about 5-10 points per month. currently 635 So, what does it need to be before i approach a bank and what kind of bank should i be looking at? And is this a good plan in general? [link] [comments]  |
| How to calculate square footage? Posted: 30 Oct 2019 06:50 PM PDT Not in RE, just a question. Is the proper way to calculate finished square footage to take the outside dims of the subject and subtract actual internal dims of the unfinished rooms, or to measure each finished room individually and add that number up? Seems like everyone approaches this differently... [link] [comments]  |
| FLAT Fee MLS Service(North Carolina) Posted: 30 Oct 2019 05:34 PM PDT Hi everyone, Does anyone have recommendations for a FLAT Fee MLS listing service in North Carolina? Thanks! [link] [comments]  |
| Buyer beware? Looking for advice on realtors Posted: 30 Oct 2019 05:31 PM PDT I just bought a condo and it's great but this is after a stressful process. I'm wondering how common these experiences are because I want to learn for next time. I worked with one realtor for a short amount of time and he kept pressing me to get properties that I didn't want. I clearly outlined what I was looking for but he kept showing me more expensive places and there was a ton of pressure without a lot of knowledge - he wouldn't tell me the pros and cons of each area or building. So I decided to move on. I found another realtor through a referral and she seemed great at first. She actually found a place right away, she seemed knowledgeable and after two meetings I bought. But after the papers were signed she just gave up. She was late for showing me the condo after the deal was done (kept flaking and then was late when we finally met), she wouldn't follow up on things and she didn't tell me that they had corrected the postal code on initial paperwork...so I had a panic before closing that they had the wrong address. I found out that they had corrected it but didn't tell me - but I had given my house insurance, energy company, moving company etc. the wrong address. I asked her about this and all she said was "it happens" I insisted on a final walk through and she was very reluctant. She just sat on the couch on her phone and didn't want to help out at all. Her office sent an email to me saying that the seller couldn't find the parking garage key...but she had actually given it to me during a previous visit! The other day she was putting on a ton of pressure on me to contact one of her contractors. I had mentioned putting in shelving and she was super anxious for me to get in touch because he books up quickly. But I move in a week! I'm just worried about moving and correcting my postal code. If I have to wait a year for shelves, so be it - I have other things to take care of at the moment. I know it's a service industry and buyer beware but I used referrals and interviewed the agents. I did my best. Is this a unique experience? I'm so tired and worn out...and worried that something else might not be right. Also, I don't want to move again - are other agents better? It seems like buyers in a hot market just don't matter...I would think she'd want to keep me as a future client but I guess not? [link] [comments]  |
| Private mortgage - Lender says she wants me to pay fees. Posted: 30 Oct 2019 05:25 PM PDT I am paying off my mortgage next Tuesday. I told the lender she'll need to contact her lawyer to draw up whatever paper it is the recorder of deeds needs in order to clear the lien from my house. She came back and said it'll be $75 from her lawyer and $73.50 at the courthouse and that as soon as she has the check + fees the paperwork will be processed. Isn't this her responsibility as the lender? Thanks. [link] [comments]  |
| Apartment complex being built next door, how worried should I be? Posted: 30 Oct 2019 11:18 AM PDT I own a SFH in a neighborhood that is only SFH and the odd quiet one or two story business. One house down from me we just found out a company bought a small warehouse and is building a 200+ person apartment complex, 7 to 8 stories tall. Should I be worried about my home price? Should I sell? What are the considerations? Keep in mind this I don't live in a walkable city so that means between 200 and 400 more cars on the roads (there will be a parking garage built as the first two stories). [link] [comments]  |
| REO As-Is sale - Renegotiation Posted: 30 Oct 2019 11:14 AM PDT Hello! We are currently under contract for an REO (bank owned) As-Is home. We had an inspection done and found 2 major hold ups with the property, first includes a 8' underground oil tank, and 2nd large horizontal cracks along the east foundation wall. Due to this we are attempting to renegotiate our original offer. We have offered 10k less than the original offer, as well as requesting records or certification of the tank decommissioning to address these new found issues. Has any one had experience dealing with REO home sales in the past, is this something the bank usually works with, or are they likely to pull out of the sale on their end? Looking to gain some guidance going into a renegotiation with an REO property. [link] [comments]  |
| new to real estate - who should I hang my hat with in DFW, TX? Posted: 30 Oct 2019 05:47 AM PDT I'm specifically living in the Keller/Southlake area if anyone is familiar. I'm coming from Enterprise tech sales and have been doing my DD for about a month now before I make the transition (realistically won't happen until early 2020). I'm aware of the big players (KW, REMAX, Coldwell, etc).. Does anyone have any recommendations on who I should sign-on with? I'm having a hard time gathering unbiased opinions, realistic splits and start up costs, etc. [link] [comments]  |
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